S&P 500 (NYSE:SPY) component Murphy Oil Corporation (NYSE:MUR) reported higher profit for the second quarter as revenue showed growth. Murphy Oil Corporation is an oil and gas exploration and production company with refining and marketing operations in the U.S. and the United Kingdom.

Results: Net income for the oil and gas refining and marketing company rose to $311.6 million ($1.60 per share) vs. $272.3 million ($1.41 per share) in the same quarter a year earlier. This marks a rise of 14.4% from the year earlier quarter.

Revenue: Rose 56% to $8.72 billion from the year earlier quarter.

Actual vs. Wall St. Expectations:MUR fell short of the mean analyst estimate of $1.66 per share. It beat the average revenue estimate of $8.12 billion.

Quoting Management: David M. Wood, president and chief executive officer, commented, “We anticipate total worldwide production volumes of about 173,000 barrels of oil equivalent per day in the third quarter of 2011. Sales volumes of oil and natural gas are projected to average 171,500 barrels of oil equivalent per day in the third quarter 2011. We anticipate full year 2011 production volumes of 185,000 barrels of oil equivalent per day, with an expected 2011 year-end exit rate of 220,000 barrel equivalents per day. At the current time, we expect net income in the third quarter to range between $1.05 and $1.15 per diluted share.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 29.9%, with the biggest boost coming in the most recent quarter when revenue rose 56% from the year earlier quarter.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of $1.38 versus a mean estimate of net income of $1 per share.

The company has now been profitable for the last nine quarters, and for the last five, profit has risen year over year by an average of 25.7%. The quarter with the biggest boost was the first, which saw an 80.6% surge.